was soaring 41% in Instinet premarket trading after the company announced a $480 million partnership with drug company Aventis to develop and market a new cancer treatment.
Genta and Aventis will develop and co-market the drug, known as Genasense, in the U.S., and Aventis will have exclusive rights to the product elsewhere. The drug, currently in Phase III clinical trials, was created to boost the effectiveness of chemotherapy.
Genta will see up to $480 million in cash and equity if the drug gets regulatory approval and is successful in its clinical trials.
Shares of Genta recently were up to $16.52 on the news after closing at $11.72 Friday.